Bill Bernstein Sheltered Sam 80/20 Portfolio vs Burton Malkiel Late Sixties and Beyond Portfolio Portfolio Comparison

Simulation Settings

Period: January 1985 - April 2025 (~40 years)
Consolidated Returns as of 30 April 2025

Rebalancing: at every Jan 1^st

Currency: USD

Inflation: US

(Change Settings)

Results

30 Years

All (since January 1985)

Inflation Adjusted:

Bill Bernstein Sheltered Sam 80/20 Portfolio

1.00$
Initial Capital
May 1995
11.11$
Final Capital
April 2025
8.36%
Yearly Return
12.24%
Std Deviation
-45.06%
Max Drawdown
40months
Recovery Period

1.00$
Initial Capital
May 1995
5.28$
Final Capital
April 2025
5.70%
Yearly Return
12.24%
Std Deviation
-45.97%
Max Drawdown
63months
Recovery Period

1.00$
Initial Capital
January 1985
45.96$
Final Capital
April 2025
9.96%
Yearly Return
12.06%
Std Deviation
-45.06%
Max Drawdown
40months
Recovery Period

1.00$
Initial Capital
January 1985
15.17$
Final Capital
April 2025
6.97%
Yearly Return
12.06%
Std Deviation
-45.97%
Max Drawdown
63months
Recovery Period

Burton Malkiel Late Sixties and Beyond Portfolio

1.00$
Initial Capital
May 1995
11.57$
Final Capital
April 2025
8.50%
Yearly Return
11.70%
Std Deviation
-41.80%
Max Drawdown
38months
Recovery Period

1.00$
Initial Capital
May 1995
5.49$
Final Capital
April 2025
5.84%
Yearly Return
11.70%
Std Deviation
-42.76%
Max Drawdown
42months
Recovery Period

1.00$
Initial Capital
January 1985
42.36$
Final Capital
April 2025
9.73%
Yearly Return
11.56%
Std Deviation
-41.80%
Max Drawdown
38months
Recovery Period

1.00$
Initial Capital
January 1985
13.98$
Final Capital
April 2025
6.76%
Yearly Return
11.56%
Std Deviation
-42.76%
Max Drawdown
42months
Recovery Period

As of April 2025, in the previous 30 Years, the Bill Bernstein Sheltered Sam 80/20 Portfolio obtained a 8.36% compound annual return, with a 12.24% standard deviation. It suffered a maximum drawdown of -45.06% that required 40 months to be recovered.

As of April 2025, in the previous 30 Years, the Burton Malkiel Late Sixties and Beyond Portfolio obtained a 8.50% compound annual return, with a 11.70% standard deviation. It suffered a maximum drawdown of -41.80% that required 38 months to be recovered.

Disclaimer: The simulations on this website are provided in good faith but should NOT be taken as investment advice. We are not liable for any errors or actions based on this information. The authors of the website are not affiliated with the portfolio creators, who are the sole owners of their intellectual property. The translation of asset allocations into ETFs is based on the interpretation of LazyPortfolioETF.com and may not exactly reflect the original intent of the portfolio creators. Content is for informational, educational, illustrative, and entertainment purposes only.

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Asset Allocations and ETFs

The compared portfolios have the following asset allocations.

Bill Bernstein Sheltered Sam 80/20 Portfolio

Weight (%)	Ticker	Name
20.00	VTV	Vanguard Value
16.00	VV	Vanguard Large-Cap
12.00	IJS	iShares S&P Small-Cap 600 Value
8.00	VNQ	Vanguard Real Estate
5.60	EFV	iShares MSCI EAFE Value
4.00	EEM	iShares MSCI Emerging Markets
4.00	IJR	iShares Core S&P Small-Cap
4.00	VGK	Vanguard FTSE Europe
4.00	VPL	Vanguard FTSE Pacific
12.00	SHY	iShares 1-3 Year Treasury Bond
8.00	TIP	iShares TIPS Bond
2.40	GLTR	Aberdeen Standard Physical Precious Metals Basket Shares

Burton Malkiel Late Sixties and Beyond Portfolio

Weight (%)	Ticker	Name
20.00	VTI	Vanguard Total Stock Market
16.00	VIG	Vanguard Dividend Appreciation
15.00	VNQ	Vanguard Real Estate
10.00	EEM	iShares MSCI Emerging Markets
10.00	EFA	iShares MSCI EAFE
10.00	BIL	SPDR Blmbg Barclays 1-3 Mth T-Bill
9.50	EMB	iShares JP Morgan USD Em Mkts Bd
9.50	LQD	iShares Investment Grade Corporate Bond

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Portfolio Returns as of Apr 30, 2025

Returns are calculated in USD, assuming:

no fees or capital gain taxes.
rebalancing: at every Jan 1^st.
dividend reinvestment, when applicable.

RETURN COMPARISON

Period: 1 January 1985 - 30 April 2025 (~40 years)

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		Return (%) as of Apr 30, 2025
		YTD (4M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~40Y)
	Sheltered Sam 80/20 Bill Bernstein	-0.23	-1.09	-0.58	9.54	10.33	7.02	8.36	9.96
	Late Sixties and Beyond Burton Malkiel	0.85	-0.36	0.35	10.91	8.65	6.59	8.50	9.73
Return over 1 year are annualized.

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Capital Growth as of Apr 30, 2025

Bill Bernstein Sheltered Sam 80/20 Portfolio: an investment of 1$, since May 1995, now would be worth 11.11$, with a total return of 1011.07% (8.36% annualized).

Burton Malkiel Late Sixties and Beyond Portfolio: an investment of 1$, since May 1995, now would be worth 11.57$, with a total return of 1056.74% (8.50% annualized).

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Bill Bernstein Sheltered Sam 80/20 Portfolio: an investment of 1$, since January 1985, now would be worth 45.96$, with a total return of 4495.75% (9.96% annualized).

Burton Malkiel Late Sixties and Beyond Portfolio: an investment of 1$, since January 1985, now would be worth 42.36$, with a total return of 4136.01% (9.73% annualized).

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Portfolio Metrics as of Apr 30, 2025

The following metrics, updated as of 30 April 2025, provide an overview of performance and risk, with the best value in each row highlighted within the table.

METRIC COMPARISON

Period: 1 May 2024 - 30 April 2025 (1 year)

Period: 1 May 2020 - 30 April 2025 (5 years)

Period: 1 May 2015 - 30 April 2025 (10 years)

Period: 1 May 1995 - 30 April 2025 (30 years)

Period: 1 January 1985 - 30 April 2025 (~40 years)

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	Sheltered Sam 80/20	Late Sixties and Beyond
Author	Bill Bernstein	Burton Malkiel
ASSET ALLOCATION
Stocks	77.6%	71%
Fixed Income	20%	29%
Commodities	2.4%	0%
PERFORMANCES
Annualized Return (%)	9.54	10.91
Infl. Adjusted Return (%)	7.31	8.66
DRAWDOWN
Deepest Drawdown Depth (%)	-4.46	-3.43
Start to Recovery (months)	5*	5*
Longest Drawdown Depth (%)	-4.46	-3.43
Start to Recovery (months)	5*	5*
Longest Negative Period (months)	8*	7*
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
Standard Deviation (%)	9.03	7.87
Sharpe Ratio	0.52	0.78
Sortino Ratio	0.71	0.97
Ulcer Index	2.10	1.53
Ratio: Return / Standard Deviation	1.06	1.39
Ratio: Return / Deepest Drawdown	2.14	3.18
Metrics calculated over the period 1 May 2024 - 30 April 2025

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	Sheltered Sam 80/20	Late Sixties and Beyond
Author	Bill Bernstein	Burton Malkiel
ASSET ALLOCATION
Stocks	77.6%	71%
Fixed Income	20%	29%
Commodities	2.4%	0%
PERFORMANCES
Annualized Return (%)	10.33	8.65
Infl. Adjusted Return (%)	5.54	3.94
DRAWDOWN
Deepest Drawdown Depth (%)	-19.11	-22.44
Start to Recovery (months)	24	30
Longest Drawdown Depth (%)	-19.11	-22.44
Start to Recovery (months)	24	30
Longest Negative Period (months)	31	34
RISK INDICATORS
Standard Deviation (%)	12.69	12.31
Sharpe Ratio	0.61	0.50
Sortino Ratio	0.85	0.68
Ulcer Index	5.88	8.16
Ratio: Return / Standard Deviation	0.81	0.70
Ratio: Return / Deepest Drawdown	0.54	0.39
Metrics calculated over the period 1 May 2020 - 30 April 2025

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	Sheltered Sam 80/20	Late Sixties and Beyond
Author	Bill Bernstein	Burton Malkiel
ASSET ALLOCATION
Stocks	77.6%	71%
Fixed Income	20%	29%
Commodities	2.4%	0%
PERFORMANCES
Annualized Return (%)	7.02	6.59
Infl. Adjusted Return (%)	3.83	3.41
DRAWDOWN
Deepest Drawdown Depth (%)	-19.89	-22.44
Start to Recovery (months)	11	30
Longest Drawdown Depth (%)	-19.11	-22.44
Start to Recovery (months)	24	30
Longest Negative Period (months)	35	34
RISK INDICATORS
Standard Deviation (%)	12.23	11.51
Sharpe Ratio	0.43	0.42
Sortino Ratio	0.58	0.56
Ulcer Index	5.47	6.44
Ratio: Return / Standard Deviation	0.57	0.57
Ratio: Return / Deepest Drawdown	0.35	0.29
Metrics calculated over the period 1 May 2015 - 30 April 2025

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	Sheltered Sam 80/20	Late Sixties and Beyond
Author	Bill Bernstein	Burton Malkiel
ASSET ALLOCATION
Stocks	77.6%	71%
Fixed Income	20%	29%
Commodities	2.4%	0%
PERFORMANCES
Annualized Return (%)	8.36	8.50
Infl. Adjusted Return (%)	5.70	5.84
DRAWDOWN
Deepest Drawdown Depth (%)	-45.06	-41.80
Start to Recovery (months)	40	38
Longest Drawdown Depth (%)	-45.06	-41.80
Start to Recovery (months)	40	38
Longest Negative Period (months)	64	62
RISK INDICATORS
Standard Deviation (%)	12.24	11.70
Sharpe Ratio	0.50	0.53
Sortino Ratio	0.64	0.68
Ulcer Index	8.48	7.71
Ratio: Return / Standard Deviation	0.68	0.73
Ratio: Return / Deepest Drawdown	0.19	0.20
Metrics calculated over the period 1 May 1995 - 30 April 2025

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	Sheltered Sam 80/20	Late Sixties and Beyond
Author	Bill Bernstein	Burton Malkiel
ASSET ALLOCATION
Stocks	77.6%	71%
Fixed Income	20%	29%
Commodities	2.4%	0%
PERFORMANCES
Annualized Return (%)	9.96	9.73
Infl. Adjusted Return (%)	6.97	6.76
DRAWDOWN
Deepest Drawdown Depth (%)	-45.06	-41.80
Start to Recovery (months)	40	38
Longest Drawdown Depth (%)	-45.06	-41.80
Start to Recovery (months)	40	38
Longest Negative Period (months)	64	62
RISK INDICATORS
Standard Deviation (%)	12.06	11.56
Sharpe Ratio	0.56	0.57
Sortino Ratio	0.73	0.73
Ulcer Index	7.72	7.05
Ratio: Return / Standard Deviation	0.83	0.84
Ratio: Return / Deepest Drawdown	0.22	0.23
Metrics calculated over the period 1 January 1985 - 30 April 2025

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Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

DRAWDOWN COMPARISON

Period: 1 May 1995 - 30 April 2025 (30 years)

Period: 1 January 1985 - 30 April 2025 (~40 years)

Chart Table

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Sheltered Sam 80/20			Late Sixties and Beyond
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-45.06	40	Nov 2007 Feb 2011
			-41.80	38	Nov 2007 Dec 2010
			-22.44	30	Jan 2022 Jun 2024
-19.89	11	Jan 2020 Nov 2020
-19.11	24	Jan 2022 Dec 2023
-17.81	31	Feb 2001 Aug 2003
			-16.82	8	Jan 2020 Aug 2020
			-16.48	12	May 1998 Apr 1999
-15.67	11	May 2011 Mar 2012
-15.46	12	May 1998 Apr 1999
			-13.38	10	May 2011 Feb 2012
			-12.20	13	May 2002 May 2003
-10.52	8	Sep 2018 Apr 2019
			-9.27	13	Feb 2001 Feb 2002
-8.25	13	Jun 2015 Jun 2016

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Sheltered Sam 80/20			Late Sixties and Beyond
Drawdown (%)	Recovery (#Months)	From To	Drawdown (%)	Recovery (#Months)	From To
-45.06	40	Nov 2007 Feb 2011
			-41.80	38	Nov 2007 Dec 2010
			-22.44	30	Jan 2022 Jun 2024
-21.01	17	Sep 1987 Jan 1989
-19.89	11	Jan 2020 Nov 2020
-19.11	24	Jan 2022 Dec 2023
			-19.08	17	Sep 1987 Jan 1989
-17.81	31	Feb 2001 Aug 2003
			-16.82	8	Jan 2020 Aug 2020
			-16.48	12	May 1998 Apr 1999
-15.67	11	May 2011 Mar 2012
-15.46	12	May 1998 Apr 1999
			-13.63	7	Aug 1990 Feb 1991
-13.50	14	Jan 1990 Feb 1991
			-13.38	10	May 2011 Feb 2012

Rolling Returns

By selecting the 'Rolling Period', the chart and data will update. To study a different date range, change the Simulation Settings.

You can explore the Rolling Returns for a single portfolio, or check the return differential, by switching on "Head To Head" toggle.

Rolling Returns Comparison

Annualized Rolling Returns Chart

Rolling Returns Chart - Inflation Adjusted

Time Period: 1 January 1985 - 30 April 2025 (~40 years)

Rolling Period:

Sheltered Sam 80/20
Late Sixties and Beyond

Head To Head (Ptf 1 vs Ptf 2):

US Inflation Adjusted:

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Yearly Returns

For each year, the following table provides the return and intra-year drawdown. The highlighted returns represent the highest values for that specific year.

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	Sheltered Sam 80/20		Late Sixties and Beyond
Year	Return (%)	Drawdown (%)	Return (%)	Drawdown (%)
2025	-0.23	-3.08	0.85	-2.53
2024	10.64	-4.24	10.33	-3.56
2023	13.20	-8.80	14.40	-8.53
2022	-11.58	-19.11	-16.23	-22.44
2021	18.98	-3.12	15.40	-3.79
2020	7.57	-19.89	10.03	-16.82
2019	21.16	-4.82	22.55	-3.12
2018	-6.77	-10.52	-5.90	-8.08
2017	14.72	-0.17	16.49	0.00
2016	12.44	-3.80	8.48	-3.07
2015	-2.15	-8.08	-1.63	-7.72
2014	7.48	-3.25	9.01	-3.10
2013	19.83	-2.67	12.49	-4.03
2012	13.92	-6.35	14.20	-5.09
2011	-0.32	-15.67	1.01	-13.38
2010	15.19	-10.34	14.47	-8.21
2009	23.48	-18.48	25.30	-17.05
2008	-28.77	-32.09	-26.02	-31.57
2007	3.94	-5.38	5.18	-5.15
2006	18.75	-3.07	20.06	-2.71
2005	9.25	-3.26	9.86	-2.99
2004	15.96	-4.32	14.78	-7.04
2003	30.69	-3.93	29.73	-0.86
2002	-8.45	-16.37	-5.70	-12.20
2001	-2.50	-12.71	5.85	-9.27
2000	4.22	-5.44	2.46	-6.12
1999	13.77	-3.50	12.48	-4.06
1998	8.66	-15.46	5.92	-16.48
1997	17.96	-3.74	15.13	-4.83
1996	16.24	-3.61	18.95	-2.65
1995	24.01	-1.71	20.20	-1.35
1994	-1.44	-6.62	-3.17	-7.20
1993	22.52	-2.64	23.51	-2.85
1992	9.29	-1.71	4.84	-2.71
1991	28.34	-3.80	33.86	-3.74
1990	-7.62	-13.50	-5.42	-13.63
1989	23.71	-2.50	26.07	-1.94
1988	17.91	-2.27	16.73	-2.39
1987	3.55	-21.01	-0.94	-19.08
1986	23.59	-4.32	18.93	-4.58
1985	31.81	-2.27	27.52	-2.25

The first official book of

Mastering ETF Investing

Build wealth
with Lazy Portfolios and Passive Investing

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English book

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Italian book

Table of contents

Resources & Extras

Asset Allocations and ETFs

Portfolio Returns as of Apr 30, 2025

Capital Growth as of Apr 30, 2025

Portfolio Metrics as of Apr 30, 2025

Drawdowns

Rolling Returns

Yearly Returns